Sayona Mining Limited Stock Market Press Releases and Company Profile
Authier Lithium Project Acquisition Completed - Revised
Authier Lithium Project Acquisition Completed - Revised

Brisbane, July 21, 2016 AEST (ABN Newswire) - Sayona Mining Limited (googlechartASX:SYA) ("Sayona" or the "Company") is pleased to announce it has completed the Authier lithium project acquisition for CAD$4 million.

The Company's primary strategy is to focus on completing the studies required to commence the development of the project. Authier is a near-term development project and cash-flow generation opportunity. The Company believes it will create significant share value-uplift potential for shareholders as the project is advanced towards development.

The key attractions of the Authier lithium project, include:

- Extensively drilled - mineralisation hosted in a spodumene-bearing pegmatite intrusion with more than 15,000 metres of drilling in 123 holes;

- Simple deposit - 825 metres long with an average thickness of 25 metres dipping at 40 degrees, amenable to low-cost, open-cut mining techniques;

- Defined resources - JORC Mineral Resources totalling 9.12 million tonnes at 0.96% Li20 containing 87,302 tonnes of Li2O at a 0.5% cut Li20 (refer Table 1 in link below);

- Simple metallurgy - extensive metallurgical testing and flowsheet designed to produce a 5-6% Li20 concentrate at an 85% metallurgical recovery;

- Well studied - a NI43-101 Technical Report - Preliminary Economic Assessment - completed in 2013, demonstrated the technical and commercial viability of developing the deposit, and selling lithium concentrates;

- Excellent infrastructure - situated 45 kilometres from mining support services, and links to road and rail networks, including the Quebec export port; and

- Large sunk cost - significant investment in drilling, geophysics and development studies.

Corey Nolan, Chief Executive Officer, commented "The Company is pleased to have completed the acquisition of an advanced lithium project with JORC resources. The Company is now preparing for the rapid completion of a Pre-Feasibility Study, a final campaign of resource definition drilling required to complete a Bankable Feasibility Study and securing off-take for the spodumene concentrate".

Authier Next Steps

The Company's strategy is to develop Authier in a staged approach, including:

- Completion of a new phase of metallurgical testing which more broadly reflects the average grade and resource distribution of the deposit than previous metallurgical testing. The results will be used to provide an updated Pre-Feasibility Study;

- Converting the inferred mineral resources to measured and indicated through further drilling;

- Converting the mineral resources to reserves;

- Exploring for extensions to the existing mineral resources and other potential mineralisation within the tenement package;

- Consolidating other potential resources in the district;

- Studying options for improving the project economics, including:

-- operating and capital cost reductions (e.g. leasing and purchasing of second hand equipment);

-- metallurgical optimisation using latest technologies available like dense medium separation;

-- downstream processing options including the production of high-value lithium carbonate;

- Completion of an Environmental Impact Statement and Bankable Feasibility Study;

- Negotiating production off-take agreements; and

- Sourcing development finance and constructing the project.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/I3KG6C5L


About Sayona Mining Limited

Sayona Mining LtdSayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.

In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC). 

 

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Contact

Corey Nolan
Chief Executive Officer
Phone: +61-7-3369-7058
Email: info@sayonamining.com.au
www.sayonamining.com.au



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